Duty Drawback Taxable on Approval, MODVAT Credit Allowed u/s 43B, but 80IB Must Be Reduced for 80HHC: Delhi HC

CIT Vs Maruti Suzuki India Ltd. (Delhi High Court) The Delhi High Court decided an appeal filed by the Revenue against the Income Tax Appellate Tribunal’s order dated 30 June 2008 for Assessment Year 2004-05. Four substantial questions of law were framed for consideration. The first issue concerned whether duty drawback accrued to the assessee in the year of export or only upon passing of the order by the appropriate authority. The High Court answered this question in favour of the assessee and against the Revenue, holding that the Tribunal had not erred. Read SC Judgment in this case: Duty...